Aussie is setting up for big down move. But first we squeeze higher to 8970 area. The fib drawn from the Nov. swing lows at 9278 serve as the anchor. This anchor has provided four other moves to fib profit targets marked on the chart. This same anchor and is what provided us shorts from the 9100 area to our current lows. I mentioned this sell area from fib long before it happened -
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We are currently setting up to move back up into the fib sell zone which has targets way down at 8509. Right where RBA wants the aussie to be.
The sell area also contains a value area edge when you look at a large time frame market. profile. gyazo.com/c1757e9f84...5344e8d36301a844731c
Of note is the December point of control below our sell area which means we could potentially sell off prior to hitting the 8970 area if participation occurs at the POC instead.
In the mean time I will be looking for good long setups. If we do get a sell off back down towards our lows before my short setup I will be looking for shorts to fail at or near our lows and take longs from that area.
We are currently setting up to move back up into the fib sell zone which has targets way down at 8509. Right where RBA wants the aussie to be.
The sell area also contains a value area edge when you look at a large time frame market. profile. gyazo.com/c1757e9f84...5344e8d36301a844731c
Of note is the December point of control below our sell area which means we could potentially sell off prior to hitting the 8970 area if participation occurs at the POC instead.
In the mean time I will be looking for good long setups. If we do get a sell off back down towards our lows before my short setup I will be looking for shorts to fail at or near our lows and take longs from that area.